Schaeffer's Trading Floor Blog

Investors Intelligence

by 4/6/2005 9:51 AM
Stocks quoted in this article:

The weekly figures from Investors Intelligence are out and continue to show a drift towards skepticism...

The percent bullish dropped to 47.9 (from 51.6) while the percent bearish ticked up to 29.2 (from 28.0)...

A couple of weeks ago, I asked our II authority, Bob Becks, about the uptick in skepticism and he noted in August the percent bullish was as low as 39 percent so we still have some room to drop.

You can find the Investors Intelligence chart and recent data here...

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At the Open

by 4/6/2005 9:43 AM
Stocks quoted in this article:

The opening bell has rung and here is what I see...

The broad market indices opened higher and continue to creep toward the potential resistance zones I mentioned yesterday...oil is lower...biotech is continuing yesterday's advance....as noted below, semis are benefiting from the positive comments as they try to bounce off support...housing stocks are not yet participating in today's rally...


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Semi Upgrades

by 4/6/2005 9:22 AM
Stocks quoted in this article:

I just saw something else that is worth noting....Yesterday I talked about how the semis continued to flirt with support and noted the action in BRCM. Today I see a number of upgrades on the semis and semi equipment stocks. Merrill Lynch raised ratings some semiconductor stocks, including Altera Corp.(ALTR), Maxim Integrated (MXIM), and Broadcom Corp.(BRCM)...among others.


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In the News

by 4/6/2005 8:46 AM
Stocks quoted in this article:

I have been scanning the news to see what is of interest...There are a number of company specific items out there but little in the way of market movers. The big stories are Research in Motion (RIMM) and Siebel Systems (SEBL) - both of which are indicated lower pre-open. RIMM reported earnings but their comments were not well-received. Meanwhile SEBL warned on earnings and the stock is seeing some downgrades.

Curiously enough, SEBL saw some heavy call activity (the May 10 call in particular) recently that led some to suggest that this had bullish implications and that perhaps the company was a takeover candidate. I guess we will have to wait and see about whether a takeover is in the cards but those calls are now deep out of the money, relatively speaking.

Finally, it looks like both IBM and WMT are being defended by brokerage houses so it will be interesting to keep an eye on them....


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Must Read

by 4/6/2005 8:19 AM
Stocks quoted in this article:

If you didn't see it yet...make sure you check out Bernie's latest Schaeffer on Charts column - Three Stocks on the Verge of a Nervous Breakdown.

He gives the big picture view on three stocks that we have talked about here - American International Group (AIG), Fannie Mae (FNM), and Wal-Mart Stores (WMT)...


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